G8 Calls For Oil, Food Production Boost

The delegates placed part of the blame for rising oil prices on speculators, and called on the International Monetary Fund to lead a probe into recent spikes in oil prices.

But, U.S. Treasury Secretary Henry Paulson told reporters after the two-day meeting that speculators were not to blame, and he said tight supply and strong demand are the main causes.

The G8 statement also said the International community should respond to rising food prices by increasing agricultural production and addressing the immediate needs of poor, food-importing countries.

The joint statement also said urgent and concerted action is needed to show leadership in tackling climate change.

On the topic of financial markets, the delegates called for transparency and effective exchange of information in tax matters.

The G8 includes Canada, France, Germany, Italy, Japan, Russia, Britain and the United States.

Some information for this report was provided by AFP, AP and Reuters. - VOA NEWS